Funds for foreign trip; translation as career: Top personal finance stories

This week we report on how to manage finances when you are in a foreign country and how you can earn by translating literature

Indians holidaying abroad have a variety of questions: Should I use a prepaid forex card, debt card or credit card? How much cash should I carry? If there is a choice, should I pay in the local currency or Indian rupees? And which card should I use when withdrawing money from an ATM abroad? This week’s lead article by Himali Patel answers these questions.

This second article, by Namrata Kohli, discusses the role of translation in making literature of different cultures accessible. It highlights the need for skilled translators to preserve the original work’s essence and the growing demand for translations in various languages. Read this story to understand the vital role translators play in forging connections between the literatures of various countries. You will also learn how much translators are paid.

Health care inflation in India is estimated to be around 12-14 per cent. A major ailment can easily set you back by a few lakh rupees. If you live in a major metro city, you should buy health insurance worth Rs 10 lakh or more. To understand how much health insurance costs, look up Policybazaar.com’s table on premiums.

According to the Securities and Exchange Board of India, a multi-asset mutual fund is one that invests in at least three asset classes, with a minimum allocation of 10 per cent to each asset class: Equities, debt, gold, or other commodities. If you are looking to invest in a disciplined manner across asset classes, consider investing in a multi-asset fund. Look up ICICI Prudential Multi-Asset Fund’s review by Morningstar.

NUMBER OF THE WEEK

Rs 27,856 crore: Size of Hyundai Motors IPO

Hyundai Motor Company will sell Rs 27,856 crore worth of shares in its India subsidiary, Hyundai Motor India. This will make it India’s largest initial public offering (IPO).

The IPO’s price band has been set at Rs 1,865-1,960. At the upper end, the company will be valued at Rs 1.59 trillion. The IPO will take place between October 15 and October 17.

Around Rs 8,315 crore worth of shares will be allotted to anchor investors on October 14. Many marquee global investors are likely to participate. Most of the leading mutual fund houses are also likely to bid. After the IPO, Hyundai Motor Company’s stake will be reduced to 82.5 per cent.

The IPO is likely to lead to more multinational corporations listing in the country which offers the highest valuations among emerging markets. South Korea’s LG Electronics is also exploring an Indian listing. Hyundai is the second automobile company to go public in India following Maruti Suzuki in 2003.